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That beats the 15% advance clocked by Morgan Stanley International's EAFE stock index of developed economies and the 2% rise in the S&P 500 during those 12 months.
The performance fell short of the 19% return clocked by the Morgan Stanley Capital International EAFE index of developed economies, as well as Vanguards Total International Stock Index Fund (VGTSX), which also had a 19% price gain.
In that year, the S&P 500 index fell 37%, the MSCI EAFE index (the index of developed markets outside North America) fell by 43%, the MSCI Emerging Market index fell by 53%, the Dow Jones Commodities Index fell by 35%, and the Lehman High Yield Bond Index fell by 26%.
Indeed, U.S. investors in the S&P Developed ex-U.S. Broad Market Index of developed international equities have endured unrewarding times, he notes, having suffered through a deeper 2007-2009 bear market decline than the S&P 500's near 60% thrashing and then underperforming the S&P 500 in seven of the subsequent 10 years.
In the 27 years since the dollar was allowed to float freely in foreign exchange markets, the Morgan Stanley Capital International index of developed stock markets outside the United States and Canada has outperformed the S.& P. 500 in 13 of them.
The MSCI's EAFE index of developed foreign markets was down 43.4%.
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The potency index of developing cancer of the liver, lung, bladder and kidney due to an intake of 10 micrograms kg day of arsenic was estimated as 4.3 x 10 -3), 1.2 x 10 -2), 1.2 x 10 -2), and 4.2 x 10 -3), respectively, for males; as well as 3.6 x 10 -3), 1.3 x 10 -2), 1.7 x 10 -2), and 4.8 x 10 -3), respectively, for females in the study area.
Jonathan Bell, co-manager of the Forward Emerging Markets fund, pointed out that commodity producers and related companies accounted for about a third of benchmark indexes of developing markets when the year began.
The study found that not only were artificial sweeteners dodgy when it came to weight management, but people who drank them routinely had an increased body mass index and risk of developing cardiovascular disease.
Van den Tempel (2009) extends the analysis to stock indices of other developed countries.
For example, the IEF index scores of developing countries such as China (52.78), India (54.11), Indonesia (52.95) and Philippines (56.24) are far below the overall IEF score average of 68.57; whereas the scores of developed countries such as the.
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